SoFi Technologies Gains 1 Million Members in Q1, Extending Growth Streak

GlobalData reports that influencers on X largely view India's new 0.4% Merchant Discount Rate on Person-to-Merchant Unified Payments Interface transactions above INR 2,000 ($20.8) as a vital step toward monetising the UPI ecosystem. Shreyasee Majumder, Social Media Analyst at GlobalData, said influencers see the levy as creating a durable revenue base for banks, acquirers and payment platforms, funding payment infrastructure, cybersecurity and credit-linked services, and improving the financial outlook for payment companies, including supporting public listing plans for PhonePe and lifting forward earnings forecasts for merchant platforms such as Paytm and Pine Labs. Influencers expect larger merchants above monthly turnover thresholds to absorb the fee, while peer-to-peer transfers, recurring payments and rural QR codes remain exempt, though some merchants may push cash payments or other means to recover the cost on higher-value transactions. Commentators including MobiKwik CEO Bipin Preet Singh, Moneycontrol Executive Editor Chandra R. Srikanth, Emerging Payments Association Asia Chief Expansion and Innovation Officer Monica Jasuja, research analyst Abhishek Kothari and Capitalmind Mutual Fund CEO Deepak Shenoy stressed that the new UPI levy remains substantially lower than traditional debit card charges of 0.90% and credit card charges of 1.5-2.5%. Kothari said he now explicitly incorporates UPI MDR monetisation into Paytm and Pine Labs estimates, assuming roughly 30% of Paytm's UPI GMV is MDR eligible versus about 70% for Pine Labs, with Paytm capturing around 10bps of the MDR pie and Pine Labs 6bp. Influencers cautioned that in the long term the ecosystem must ensure infrastructure and value-added service improvements outweigh merchant cost pressures to preserve widespread digital adoption.